The crude price started to increase after mid-2016 and so the offshore oil & gas industry started to stabilize. The price crossed USD 60 per barrel mark in November 2017. In 2017, the rig contacting activity and utilization also showed improvements. The major demand is for higher specification jack-up along with sixth and seventh generation semisubmersibles and drillships for harsh environments. Opening of coastal water in the United States for exploration and production, and recovery of Brazil oil & gas industry, along with increasing crude oil price, are expected to increase the tendering activity for offshore rigs.
There is growing demand for Offshore Drilling Rigs as a sweetening agent in the food and beverage industry, due to high consumption of processed food and abundant craving for items that are high in sugar content.The efforts to enhance water with flavor and nutritious without carbonation, like soft drinks, started post-2010, with major companies trying to market such products to the increasingly health-conscious population.Manufacturers of Offshore Drilling Rigses are taking thing to the next level by providing consumers with online platform to design their own premixes, to increase their consumer bases in the Market.
Global Offshore Drilling Rigs Market Major Key Players: Aban Offshore Limited, Diamond Offshore Drilling Inc., Ensco PLC, Maersk Drilling, Nabors Industries Ltd, among others.
Global Offshore Drilling Rigs Market By Type : Jack Ups, Semisubmersibles , Drillships, Others
Browse Sample Report at : https://www.marketinsightsreports.com/reports/0402398105/global-offshore-drilling-rigs-market-segmented-by-type-depth-and-geography-growth-trends-and-forecast-2018-2023/inquiry
Golden Triangle – One of the Largest Market for Offshore Drilling
The deepwater drilling market is expected to rebound in the near future due to increased activity in the Golden Triangle Gulf of Mexico, Brazil, and West Africa. Chevrons Ballymore and Shells giant Whale discovery in the Gulf of Mexico represents the sign of regional deepwater revival after a long time, without any major discovery. In March 2017, Ensco PLC, an offshore drilling contractor, said that they had witnessed a 200% increase in rig years, tendered for jack-up year over year. The discovery of Egypts mammoth offshore natural gas field Zohr is expected to increase the demand for mobile offshore drilling unit. Several large offshore drilling projects countries such as Mozambique and Nigeria are further expected to drive the market.
Increase in Rig Tendering Activity in the US and Brazil Driving the Market
In 2018, the rig tendering activity is expected to increase in response to positive outlook for offshore drilling activity. In Brazil, companies such as Chevron, Total, Shell, and others are in talks with drilling contractors for mobile offshore drilling units for drilling Brazils pre-salt and post-salt play. Around 14 deepwater projects are expected to come by 2020 in the country. Brazilian state-owned company Petrobras is expected to replace contracts expiring in 2018 and next year, as well as new rig requirements from late 2019. The US government has opened 98% of its coastal waters for exploration. As a result, the market is expected to witness increase in rig tendering activity in the forecast period.
Oversupply of Offshore Drilling Fleet – Restraining the Market
The offshore drilling market is suffering from demand and supply gap, which is too wide to overcome, without an additional impulse. The oversupply had reduced the rig day rates by 50% in 2017 as compared to the 2013 2014 level, and is expected to remain soft in the near future. In 2017, the oversupply was 50% for the offshore drilling fleet globally, including drillships, semisubmersible and jack-ups. Also, rigs sitting in yard become less competitive and the activation costs of new build or old cold stacked rigs increases with increase in idle time. As a result, the lesser revenue for companies and the extra cost for activation of stacked rigs are restraining the market.
Regions Covered in this report are as Follows:
United States, North America (Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Columbia etc.), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa), RoW (Rest of World).
Key Developments in the Market
December 2017: KAV Encore is expanding its operations in the U.S. marketplace by launching a new line Of KAV Encore Meal Replacement, Nutritional Shakes.
Reasons to Purchase this Report:
The report analyses how the stringent emission control norms will drive the global Offshore Drilling Rigs market.
Analyzing various perspectives of the market with the help of Porters five forces analysis.
Study on the product type that is expected to dominate the Offshore Drilling Rigs Market.
Study on the regions that are expected to witness fastest growth during the forecast period.
Identify the latest developments, market shares and strategies employed by the major players of Offshore Drilling Rigs Market.
3 months analyst support along with the Market Estimate sheet (in excel).
Customization of the Report:
This report can be customized to meet the desired requirements. Please connect with our analyst, who will ensure that you get a report that suits your needs.
MarketInsightsReports provides syndicated market research reports to industries, organizations or even individuals with an aim of helping them in their decision making process. MarketInsightsReports is your single point market research source for all industries including pharmaceutical, chemicals and materials, energy resource, automobile, IT, technology and media, food and beverages, and consumer goods, among others.
Contact us for your special interest research needs @email@example.com and we will get in touch with you within 24hrs and help you find the market research report you need.
+1 (704) 266-3234 | firstname.lastname@example.org
Connect With us on: